Full History Of Citibank In Timeline From 1901

1901: International Banking Corporation Offices Open

In 1901, the International Banking Corporation (IBC) opened offices in London, Shanghai, Calcutta, and elsewhere.

1902: International Banking Corporation Offices Open

In 1902, the International Banking Corporation (IBC) opened offices in London, Shanghai, Calcutta, and elsewhere.

1904: Bank Helped Finance Panama Canal

In 1904, National City Bank assisted in the financing of the Panama Canal project.

1906: National City's US Government Bank Balances

In 1906, National City held 11% of the U.S. federal government's bank balances and was the banker of Standard Oil.

1907: Stillman Intervenes in Panic

In 1907, Stillman, then chairman of the bank, intervened in the Panic of 1907 alongside J. P. Morgan and George Fisher Baker.

1909: James Stillman Becomes First Chairman

In 1909, James Stillman became the first chairman of the company, marking a new leadership position since the bank's founding in 1812.

1909: James Stillman's Presidency End

In 1909, James Stillman's term as President of City Bank concluded.

1910: Citibank Acquires Control of Banque Nationale de la République d'Haïti

Between 1910, the Department of State backed a consortium of American investors headed by Citibank to acquire control over the Banque Nationale de la République d'Haïti.

1911: Citibank Acquires Control of Banque Nationale de la République d'Haïti

Between 1911, the Department of State backed a consortium of American investors headed by Citibank to acquire control over the Banque Nationale de la République d'Haïti.

1914: National City Bank Opens Overseas Banking Office

In 1914, National City Bank became the first U.S. national bank to open an overseas banking office with a branch in Buenos Aires, Argentina.

1915: Citibank Lobbies for US Occupation of Haiti

In 1915, Citibank lobbied for the United States occupation of Haiti and imposed a US$30 million loan on the Haitian government.

1918: IBC Merged into National City Bank

In 1918, the International Banking Corporation (IBC) became a wholly owned subsidiary and was subsequently merged into National City Bank. Also in 1918, the bank evacuated all of its employees from Moscow and Petrograd and established a branch in Puerto Rico.

1919: National City Bank Assets Reach $1 Billion

By 1919, National City Bank became the first U.S. bank to have $1 billion in assets.

March 9, 1921: Four National Banks Operating Branch Offices in New York City

As of March 9, 1921, four national banks in New York City were operating branch offices: Chatham and Phenix National, the Mechanics and Metals National, the Irving National, and National City Bank.

1921: Charles E. Mitchell Elected President

In 1921, Charles E. Mitchell was elected president of the bank.

December 24, 1927: Bombing of Buenos Aires Headquarters

On December 24, 1927, Citibank's headquarters in Buenos Aires, Argentina, were bombed by the Italian anarchist Severino Di Giovanni.

1929: Charles E. Mitchell Made Chairman

In 1929, Charles E. Mitchell was made chairman of the bank.

1930: Expansion of Bank Branches

By 1930, the bank had expanded to 100 branches in 23 countries outside the United States.

1933: Charles E. Mitchell's Resignation

Charles E. Mitchell resigned in 1933.

1933: Pecora Commission Investigates Mitchell

In 1933, the Pecora Commission, a United States Senate committee, investigated Mitchell for his part in tens of millions of dollars in losses, excessive pay, and tax avoidance, later leading to his resignation.

1940: Branches in Germany Closed

In 1940, Citibank's branch in Germany closed.

1941: Branches in Japan Closed

In 1941, Citibank's branch in Japan closed.

1945: Bank Handled Treasury Securities

In 1945, Citibank handled $5.6 billion in Treasury securities for War and Victory Loan drives for the U.S. government.

1952: James Stillman Rockefeller Elected President

In 1952, James Stillman Rockefeller was elected president of Citibank.

1955: Name Change to The First National City Bank of New York

Following its merger with the First National Bank in 1955, the bank changed its name to The First National City Bank of New York.

1957: Recruiting at Harvard Business School Began

In 1957, First National City Bank began recruiting at Harvard Business School.

1958: Financing of South Pacific

In 1958, First National City Bank arranged the financing of the Hollywood film, South Pacific.

Loading Video...

1959: Branches in Cuba Nationalized

In 1959, First National City Bank had its branches in Cuba nationalized by the new socialist government.

1959: James Stillman Rockefeller Elected Chairman

In 1959, James Stillman Rockefeller was elected chairman of Citibank, serving until 1967.

1960: David Rockefeller Becomes President of Chase Manhattan Bank

In 1960, David Rockefeller became president of Chase Manhattan Bank, a long-time New York rival of National City Bank.

1962: Name Shortened to First National City Bank

In 1962, the bank shortened its name to First National City Bank.

1965: First National City Bank Buys Carte Blanche

In 1965, First National City Bank bought Carte Blanche from Hilton Hotels.

1967: Introduction of First National City Charge Service Credit Card

In 1967, First National City Bank introduced its First National City Charge Service credit card—popularly known as the "Everything Card"—which later became part of MasterCard.

1967: Reorganized as a One-Bank Holding Company

In 1967, First National City Bank reorganized as a one-bank holding company, First National City Corporation, or "Citicorp" for short.

1967: End of James Stillman Rockefeller's Term

In 1967, James Stillman Rockefeller's term as chairman ended.

1967: Walter B. Wriston Becomes Chairman and CEO

In 1967, Walter B. Wriston became chairman and chief executive officer of First National City Bank.

1968: Citibank had been nicknamed

Citibank had been nicknamed since the 1860s, when City Bank of New York adopted it as an eight-letter wire code address.

1968: Company Creates Credit Card

In 1968, First National City Bank created its own credit card, known as "The Everything Card."

1969: Joins Master Charge

By 1969, First National City Bank decided that the Everything Card was too costly to promote as an independent brand and joined Master Charge (now MasterCard).

1969: First African-American Director

In 1969, First National City Bank appointed its first African-American director, Franklin A. Thomas.

1974: "Citicorp" Becomes the Holding Company's Formal Name

In 1974, "Citicorp" became the holding company's formal name.

1976: First National City Bank Renamed Citibank

In 1976, First National City Bank was renamed Citibank, N.A.

1977: Unsuccessful Attempt to Create Choice Card

From 1977, Citibank unsuccessfully tried to create a separate credit card brand, the Choice Card.

1977: First National City Sponsors Team Tyrrell

In Formula 1, First National City sponsored team Tyrrell in 1977, and in 1978, with the First National City Travelers Checks livery also.

1978: First National City Sponsors Team Tyrrell

In Formula 1, First National City sponsored team Tyrrell in 1978, with the First National City Travelers Checks livery also. First National City was the sponsor of team Tyrrell in 1977.

1981: Purchase of Narre Warren-Caroline Springs credit card company

In 1981, the Narre Warren-Caroline Springs credit card company was purchased. In 1981, Citibank chartered a South Dakota subsidiary to take advantage of new laws that raised the state's maximum permissible interest rate on loans to 25%.

1984: John S. Reed Selected CEO

In 1984, John S. Reed was selected CEO, and Citibank became a founding member of the CHAPS clearing house in London.

1987: Reserves Set Aside for Loan Losses

In 1987, Citibank set aside $3 billion in reserves for loan losses in Brazil and other developing countries.

1987: Unsuccessful Attempt to Create Choice Card

Until 1987, Citibank unsuccessfully tried to create a separate credit card brand, the Choice Card.

1990: Subsidiary Established in Poland

In 1990, Citibank established a subsidiary in Poland.

1992: Citibank Sponsors North Sydney Bears

Citibank became the major sponsor of the North Sydney Bears for the 1992 NSWRL season.

1992: Citibank Ordered to Repay Customers

In August 2008, Citibank was ordered to repay $14 million to 53,000 customers. This was the result of an investigation by the California Attorney General following an electronic "account sweeping program" from 1992 to 2003. Citibank also had to pay an additional $4 million in interest and penalties.

1994: World's Biggest Card Issuer

In 1994, Citibank became the world's biggest card issuer.

1998: Report on Citibank and Alleged Money Laundering

In 1998, the General Accounting Office issued a report titled "Raul Salinas, Citibank and Alleged Money Laundering". The report was critical of Citibank's handling of funds received from Raul Salinas de Gortari, brother of the former president of Mexico, indicating that Citibank facilitated the transfer of millions of dollars through complex financial transactions.

1999: Lawsuit for Improperly Charging Late Fees

In 1999, Citibank was sued for improperly charging late fees on its credit cards.

2001: Citibank Sponsors Australian Rugby Union

In 2001, Citibank became a sponsor of the Australian Rugby Union team for a three-year deal.

2002: Citigroup Acquired Golden State Bancorp

In 2002, Citigroup, the parent of Citibank, acquired Golden State Bancorp and its California Federal Bank, which was one-third owned by Ronald O. Perelman, for $5.8 billion.

2003: Citibank Ordered to Repay Customers

In August 2008, Citibank was ordered to repay $14 million to 53,000 customers. This was the result of an investigation by the California Attorney General following an electronic "account sweeping program" from 1992 to 2003. Citibank also had to pay an additional $4 million in interest and penalties.

August 2004: Citigroup Entered the Texas Market

In August 2004, Citigroup entered the Texas market with the purchase of First American Bank of Bryan, Texas.

2004: Citibank (Japan) Lost Private Banking License

In 2004, Citibank (Japan) lost their private banking license for allowing yakuza to conduct complex transactions.

2004: Citibank Punished by Japanese Financial Services Agency

In 2004, Citibank was punished by the Japanese Financial Services Agency for aiding and abetting money laundering by yakuza members. The US did not issue a parallel punishment.

2005: Citibank Sponsors Sydney Swans

In 2005, Citibank became a major sponsor of the Sydney Swans, who play in the Australian Football League.

2005: Federated Department Stores Sold Consumer Credit Portfolio to Citigroup

In 2005, Federated Department Stores, now Macy's, Inc., sold its consumer credit portfolio to Citigroup, which reissued its cards under the name Department Stores National Bank (DSNB).

2006: ICE Seizes Assets of Susumu Kajiyama

Between 2004 and 2006, Immigration Customs Enforcement (ICE) seized approximately $1 million worth of assets in the United States owned by Susumu Kajiyama, a member of Yamaguchi-gumi Goryokai.

2006: Naming Rights Sponsorship Deal

In 2006, Citibank announced a naming rights sponsorship deal for the new stadium of New York Mets, Citi Field.

2006: Bank Entered Philadelphia Market

In 2006, Citibank entered the Philadelphia market, opening 23 branches in the metropolitan area.

April 11, 2007: Citigroup Announces Layoffs

On April 11, 2007, Citigroup, the parent of Citibank, announced layoffs of 17,000 employees, or 8% of its workforce.

November 4, 2007: Charles Prince Resigns as Citigroup CEO

On November 4, 2007, Charles Prince resigned from his position as the chairman and chief executive of Citigroup following crisis meetings due to billions of dollars in losses related to subprime lending. Robert Rubin then took over as chairman and subsequently hired Vikram Pandit as chief executive.

November 5, 2007: Citi Reports Substantial Losses in Q4 2007

On November 5, 2007, Citi reported that it expected to lose between $8 billion and $11 billion in the fourth quarter of 2007, which was in addition to the $6.5 billion loss in the third quarter of 2007. This announcement came shortly after Merrill Lynch reported similar losses from the subprime mortgage crisis.

November 30, 2007: Citibank Sells Puerto Rico Branches

On November 30, 2007, Citibank sold its 17 Puerto Rico branches, along with $1.0 billion in deposits, to Banco Popular.

2007: Citigroup Reports $10 Billion Loss

In January 2008, Citigroup reported a $10 billion loss in the fourth quarter of 2007, following an $18.1 billion write down.

January 2008: Citigroup Reports $10 Billion Loss

In January 2008, Citigroup reported a $10 billion loss in the fourth quarter of 2007, following an $18.1 billion write down.

March 2008: Citibank Sets Up Mobile Money Ventures

In March 2008, Citibank established Mobile Money Ventures as a joint venture with SK Telecom. The purpose was to develop mobile apps for banking.

May 2008: Citibank Completes Leaseback Transaction

In May 2008, Citibank finalized an $87.5 million leaseback transaction involving its branches located in New York City.

July 2008: Citibank German Division Sold to Cru00e9dit Mutuel

In July 2008, Citibank Privatkunden AG & Co. KGaA, Citibank's German division, was sold to Crédit Mutuel.

August 2008: Citibank Ordered to Repay Customers

In August 2008, Citibank was ordered to repay $14 million to 53,000 customers. This was the result of an investigation by the California Attorney General following an electronic "account sweeping program" from 1992 to 2003. Citibank also had to pay an additional $4 million in interest and penalties.

November 23, 2008: Citigroup Receives Additional Government Investment

On November 23, 2008, Citigroup received an additional $20 billion investment from the U.S. Treasury, along with guarantees for $306 billion in risky assets, in addition to an initial investment of $25 billion. This was a result of the 2008 financial crisis and the losses from subprime lending assets.

2008: PNC Financial Services Acquired National City

In 2008, PNC Financial Services acquired National City during the subprime mortgage crisis.

January 16, 2009: Citigroup Separates Citi Holdings Inc.

On January 16, 2009, Citigroup announced the separation of Citi Holdings Inc., encompassing non-core businesses and higher-risk assets, from Citicorp. This split was intended to allow Citibank to focus on its core banking operations.

2009: Citi Field Opens

Citi Field, the new stadium of the New York Mets, opened in 2009 as a result of Citibank's sponsorship deal.

2009: Citibank 'Spanked' for Failing to Update Databases

In 2009, Citibank was 'spanked' for failing to update their databases, which allowed yakuza to continue doing business with them after previous penalties in 2004.

2009: Citibank Punished by Japanese Financial Services Agency

In 2009, Citibank was punished by the Japanese Financial Services Agency for aiding and abetting money laundering by yakuza members. The US did not issue a parallel punishment.

February 22, 2010: Citibank German Division Renamed Targobank

On February 22, 2010, Citibank Privatkunden AG & Co. KGaA, formerly Citibank's German division which was sold in July 2008, was renamed to Targobank.

2010: Citibank Repays Loans to the Treasury

By 2010, Citibank had fully repaid its loans to the U.S. Treasury, including interest, resulting in a net profit for the U.S. federal government. These loans were originally provided as part of a bailout following the 2008 financial crisis.

2010: Citibank Named in Russian Laundromat Investigation

On March 20, 2017, The Guardian reported that Citibank was among the American banks that handled laundered funds related to the FSB, as uncovered by the Russian Laundromat investigation. Citibank processed $37 million of the $63.7 million processed by US banks between 2010 and 2014.

June 2011: Sale of Mobile Money Ventures to Intuit

In June 2011, Citibank sold its Mobile Money Ventures joint venture, initially created in March 2008, to Intuit.

October 19, 2011: Citigroup Agrees to Civil Fraud Penalty

On October 19, 2011, Citigroup agreed to pay a $285 million civil fraud penalty after the U.S. Securities and Exchange Commission accused the company of betting against risky mortgage-related investments that it sold to its clients.

2013: Citibank Employment in Sioux Falls

As of 2013, Citibank employed 2,900 people in Sioux Falls, South Dakota, and contributed to the state holding more bank assets than any other state.

2013: Citibank Sponsors Citi Bike

Citibank has been the main sponsor of New York City's bike-share scheme, Citi Bike, since its launch in 2013.

2013: Value of 1831 Bank Heist

In 2013 currency, the 1831 City Bank heist was valued at $52 million.

2013: Citibank Closed Philadelphia Locations

In 2013, Citibank closed the Philadelphia locations opened in 2006 for "efficiency-driven" reasons.

2013: Purchase of Best Buy Credit Card Portfolio

In 2013, Citibank purchased the credit card portfolio of Best Buy from Capital One.

September 2014: Citigroup Exits Texas Market

In September 2014, Citigroup exited the Texas market with the sale of 41 branches to BB&T, as part of a broader strategy to exit retail banking in 11 markets, primarily in Europe and Central America.

2014: Citibank Named in Russian Laundromat Investigation

On March 20, 2017, The Guardian reported that Citibank was among the American banks that handled laundered funds related to the FSB, as uncovered by the Russian Laundromat investigation. Citibank processed $37 million of the $63.7 million processed by US banks between 2010 and 2014.

September 2015: Citibank Closes Massachusetts Branches

In September 2015, Citibank announced that it would close its 17 branches in Massachusetts and end its sponsorship of a theater in Boston.

2015: Citibank Ordered to Pay Relief to Borrowers

In 2015, Citibank was ordered to pay $770 million in relief to borrowers for illegal credit card practices. The Consumer Financial Protection Bureau indicated that around 7 million customer accounts were affected by Citibank's "deceptive marketing" practices.

April 1, 2016: Exclusive Issuer of Costco Branded Credit Cards

On April 1, 2016, Citigroup became the exclusive issuer of Costco's branded credit cards.

December 13, 2016: Columbia University Students Protest Outside Citibank

On December 13, 2016, students from Columbia University protested outside a Citibank location due to the university's replacement of on-campus Citibank ATMs with ATMs from Santander Bank, which has no ties to the Dakota Access Pipeline.

March 1, 2017: Citibank May Close Branches in India

On March 1, 2017, The Economic Times of India reported that Citibank was considering closing its 44 branches in India due to the increasing prevalence of digital transactions.

March 20, 2017: Citibank Named in Russian Laundromat Investigation

On March 20, 2017, The Guardian reported that Citibank was among the American banks that handled laundered funds related to the FSB, as uncovered by the Russian Laundromat investigation. Citibank processed $37 million of the $63.7 million processed by US banks between 2010 and 2014.

March 2018: Citibank Announces New Firearms Policy

In March 2018, Citibank announced a new firearms policy that placed restrictions on financial transactions within the U.S. firearm industry.

June 2018: Citibank Reaches Settlement in Libor Scandal

In June 2018, Citibank reached a settlement with 42 U.S. states and agreed to pay a $100 million fine for their manipulation of the London Inter-bank Offered Rate (Libor).

September 2020: Citibank's US Branches Location

As of September 2020, Citibank's US branches are located in the metropolitan areas of New York, Los Angeles, San Francisco, Sacramento, San Diego, Washington DC, Las Vegas, Miami, and Chicago. California is home to the majority of Citibank's US branches, with 292 branches located in the state.

April 2021: Citibank Exits Consumer Banking in 13 Markets

In April 2021, Citibank announced that it would exit its consumer banking operations in 13 markets, including Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.

January 2022: Citi Announces Plan to Exit Consumer Banking in Mexico

In January 2022, Citi announced its plan to exit consumer banking in Mexico (also known as Citibanamex), along with small-business and middle-market banking operations.

September 2022: Citi Plans to Wind Down Retail Banking in the UK

In September 2022, Citi announced plans to wind down its retail banking operations in the UK.

2022: Citi May Return to Dallas

In 2022, Citi announced it may return its retail banking presence to Dallas.

2023: Citibank's ranking by assets

As of 2023, Citibank is the third-largest bank in the United States based on the total value of its assets.

2023: Citi Reports Loss and Announces Job Cuts

In January 2024, Citi reported a $1.8 billion loss in the fourth quarter of 2023. The company also announced plans to cut 20,000 jobs, representing approximately 8% of its workforce.

January 2024: Citi Reports Loss and Announces Job Cuts

In January 2024, Citi reported a $1.8 billion loss in the fourth quarter of 2023. The company also announced plans to cut 20,000 jobs, representing approximately 8% of its workforce.

2024: Citi Highlights Services Division

During the bank's 2024 investor day, Citi emphasized its Services division, highlighting the income it generates from "financial pipes".

March 2025: Citi Pays Discrimination Settlement

In March 2025, Citi paid out £215,000 in a discrimination settlement to a former employee. The employee had lost out on an expected promotion upon returning from maternity leave.